cip vs cim investment banking

Bankers advise on both sides of M&A transactions, representing either the buy-side or the sell-side of the deal. Capstone Partners is one of the few middle market firms with a strong national footprint and a vast international reach. mezzanine. Heres you might apply these steps to this memo for a quick analysis of CUS: First Few Pages: Its a utility services company with around $57 million in revenue and $9 million in EBITDA; the asking price is likely between $75 million and $100 million with those stats, though youd need to look at comparable company analysis to be sure. Four significant differences are clientele served, products and services offered, the amount of money in transactions, and the regulations that must be followed. cip vs cim investment banking. CIM offers a range of professionally recognised Marketing and Digital Marketing qualifications designed to develop the core skills you need to succeed within the marketing industry. Structured Query Language (SQL) is a specialized programming language designed for interacting with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, how to ace an investment banking interview, courses on financial modeling and valuation, full list of the top 100 investment banks here, Head, Vice Chair, or another special title. You turn this information into many documents, including a shorter, 5-10 page Executive Summary or Teaser, and then a more in-depth, 50+ page Confidential Information Memorandum.. But its up to you to go beneath the dress and see what it looks like without the makeup and the plastic surgery. Yep all-niters are not very uncommon when drafting CIMs and the work with the right version is even more challenging (with a lot of remarks). The Article was very helpful. For instance, violations of Bank Security Act (BSA) regulations, which include CIP compliance, may lead to a fine of $250,000 or five years imprisonment. Carriage and Insurance Paid. If youre considering a sale of your business, its helpful to first understand the merger and acquisition (M&A) process and how an investment bank can help you navigate through the complicated buyer universe. This would bump up the multiple to 2.77x and IRR of 23%. Typically, investment bankers are known for working strenuous schedules and spend more than 60-70 hours per week. Investment banking requires the following skills: The screenshot above is of a leveraged buyout (LBO) model from CFIs Financial Modeling Courses. But they are largely the same thing. I am not sure about that one the link seemed to work when I just tried it. Heres the difference: Pitch Book: Hey, if you hire us to sell your company, we could get a great price for you!, CIM: Youve hired us. M&A-related financings: senior and junior debt. Investment banks include consultants, banking analysts, capital market analysts, research associates, trading specialists, and many others. 24. The deal team can make or break a transaction in many cases, so youll want to surround yourself with experts that have a successful track record in your sector. Following second-round bids, the selling company and their banker should be able to select a buyer from among the finalists to begin the closing steps. Finally, pretend youre at a private equity firm and follow the decision-making process I outlined above. but can return any unsold shares to the issuer without financial responsibility. From buysides perspective, whats a relatively low CapEx and Working Capital requirements thats good for possible investment? Sorry, you need to login or sign up in order to vote. This CIM creation process is quite tedious for bankers because it consists of a lot of copying and pasting from other sources. CIP. The company is a leader in a fast-growing market and has clear advantages over its competitors. CIP Capital leads the sourcing and structuring of debt and equity facilities to facilitate acquisitions and management buyouts, as well as the restructuring and refinancing of existing debt arrangements. The BIWS Interview Guide has 578+ pages of technical and fit questions & answers, personal pitch templates, 17 practice case studies, and more. There are generally four types of investment banksbulge bracket, regional boutique, middle market, and elite boutique. Founders and their bankers should discuss how to approach each potential buyer to take into account preexisting relationships, competitive sensitivities, and custom nuances to each party. I notice that the Debt IMs barely have any financial forecasts/projections (the vast majority of financials are historical), while all the M&A ones have them. A confidential information memorandum (CIM) is a document prepared by a company in an effort to solicit indications of interest from potential buyers.The CIM is prepared early on in the sell-side process in conjunction with the seller's investment banker to provide potential buyers with an overview of the company for pursuing an acquisition. I-banking work requires a lot of financial modeling and valuation. Our dedicated sponsor coverage team is solely focused on serving middle market private equity firms. Definition and Services Offered, UBS: Definition, Bank History, Financial Services, Universal Banking: Definition, Functions, Regulation, Assisting institutional investors and corporations with financial needs, Loans, mortgage loans, deposit accounts for small and medium businesses, Wealth and asset management, broker services, financial advisory services, Mobile banking, credit cards, M&A services, From fees for services provided and interest. We wont clog your inbox with generic content that doesnt matter. Then the bank lists the industrys attractive growth rates, the companys blue-chip customers (even lower risk), and its growth opportunities, all in pursuit of the five points above. Every CIM is uniquely tailored to the unique differentiators that make the company a valuable and attractive asset. equity partnering/co-investments. Id be happy to help any way I can. 2005-2022 Wall Street Oasis. You can email us to download it if the form is still not working. Sign up below to receive access to our detailed insights. Both investment banking and corporate finance often involve giving considerable sums of money to companies. By combining your personal experience as a business owner with your advisors knowledge of the buyer universe, you will be able to create a one-of-a-kind CIM for the buyers and achieve uncommon results. Weve published a guide on how to ace an investment banking interview for more information on how to break into Wall Street. The Chartered Investment Manager (CIM) designation is the industry educational standard for discretionary investment and portfolio management services. Overview of the investment banking industry. Once a buyer expresses interest, the banker sends over a non-disclosure agreement (NDA) for the buyer, prohibiting the buyer from disclosing the identity of the selling company and the information contained in the CIP. Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM). Sean Ross is a strategic adviser at 1031x.com, Investopedia contributor, and the founder and manager of Free Lances Ltd. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. Our modeling courses cover some of the other topics. Regional boutiques specialize in specific actions such as mergers and acquisitions, personal investment management, or other niche investment services. CIM Banque is a global trading platform in the sense that it operates in 194 countries including nations in Africa, Asia, Oceania, and Europe. Customer Identification Program + 1. Sign up to receive our monthly e-newsletter, plus periodic news, reports, and invitations from Capstone Partners. It is a marketing document intended to make a company look as shiny as possible. Ideally these meetings will be on-site at the selling companys headquarters. Does it depend on the industry? 0 . Its also known as the Offering Memorandum (OM) and Information Memorandum (IM), among other names. Occaecati sit incidunt et suscipit. The investment banker will be responsible for setting up the data room, and may even start adding information during stage 2 as they gather information for the CIP. Yup that is true, but I think you pinpointed the reason why right there: IPOs are often aimed at retail and HNW advisers, not private equity firms or corporate development teams at Fortune 500 companies. Customer identification procedures are internal procedures that financial institutions implement as part of their verification process under KYC. There can sometimes be confusion between an investment bank and the investment banking division (IBD) of a bank. Would recommend other people interested in going into the field to read this article (or even exiting the field to buyside). salcombe prep school fees what is a cim in investment banking . Both fall under the broad umbrella of financial services. cip vs cim investment banking In the last 3 years, CIP Capital has acquired 1 company. This review also reported decreased MV dependency as well as length of The EBITDA growth looks fine, but FCF generation is weak due to the companys relatively high CapEx, which limits debt repayment capacity. Well only send you the good stuff. To detail key performance indicators (KPIs) such as an adjusted EBITDA that the business is measured against. A comprehensive CIM ensures that the buyer understands everything from the relevant experience of the management team, the companys business model, the product or service differentiation, and the competitive dynamics of the sector. Both corporate finance and investment banking provide financial resources for businesses. Documentary Method: This involves comparing information provided by the customer against official government-issued, state-issued or reputable agency-issued (e.g., DMV) documentation, registration or licenses. CIP is an important process for any business before establishing a business relationship.. see more . Part due diligence document, and part marketing collateral, the CIM is central to positioning the client for maximum market receptiveness. Funny to notice that all CIMs are in word format. But the way bankers position the company makes a difference in terms of which buyers are interested and how far they advance in the process. All Rights Reserved. As such, this deck is a critical document and you should rely on your bankers expertise when building it out. The base and upside cases dont really matter because theres no additional benefit to creditors in those. I was informed that the final recruitment stage in these often includes a CIM analysis. 9 meanings of CIP abbreviation related to Banking: Vote. The bank's CIP may include procedures specifying when a bank will rely on the performance by another financial institution (including an affiliate) of any procedures of the bank's CIP with respect to any customer of the bank that is opening, or has opened, an account or has established a similar formal banking or business relationship with . How Do Commercial Banks Work and Why Do They Matter? You would also do a lot of research on how many smaller competitors could be acquired, and how much it would cost to do so. Sometimes this is also known as an offering memorandum or an information memorandum. Full-service investment banks offer a wide range of services that include underwriting, M&A, sales and trading, equity research, asset management, commercial banking, and retail banking. Hey Brian, great article as always- I really appreciate it. Sign in from CIT.com Trust Accounts You can access CIT Community Association Banking Brokered CD accounts. Once your financials are cleaned up, you and your banker will create a Confidential Information Presentation (CIP). The CIP rule gives examples of the types of documents that may be used to verify a customer's identity. What is a customer identification program? Investment banks differ in that they cater to different clientele. Full-service investment banks offer a wide range of services that include underwriting, M&A, sales and trading, equity research, asset management, commercial banking, and retail banking. No. But they are largely the same thing. Making sure all the information is uploaded to a Data room, a file-sharing software, so that it is readily available for your advisors will save time and headache. 103.121(a)(2) -- Definition of "bank" 1. I dont really think thats it. Investment banking is the division of a bank or financial institution that serves governments, corporations, and institutions by providing underwriting (capital raising) and mergers and acquisitions (M&A) advisory services. what is a cim in investment banking. Once a buyer expresses interest, the banker sends over a non-disclosure agreement (NDA) for the buyer, prohibiting the buyer from disclosing the identity of the selling company and the information contained in the CIP. and details on how the company plans to use the funding. It seems like the company doesnt have much pricing power, since quite a few contracts were renewed via a competitive bid cycle process. Low pricing power means it will be harder to maintain or improve margins. A breakdown of the stages in the deal process, including: The ultimate goal of selling your business is to maximize value for you as the founder. Investment banks dont want to set the price at this stage of the process they would rather let potential buyers place bids and see where they come in. Commercial and investment banks are important in modern society because they have different purposes. Thanks! Brings back my memories of the CIM prep (we generally refer to it as IM in India) with other fellow associates, sitting late into the night, chatting, fighting (even on points like font sizes) and positioning the company, taking pride in our work till the next day the VP turns and asks to completely re-draft the whole thing.. to the stage where it satisfies the VP.. but the Partner then turning back and requesting you to again change the IM with the final version resembling close to the one that you had originally prepared. And in buy-side roles, you might look at thousands of potential deals but reject 99% of them early on because they dont meet your investment criteria, or because the math doesnt work. To provide a future forecast, ideally a five-year plan. Round 2, you can ask for more detailed info that the seller may upload to the dataroom. The buyer list should be a collaborative effort between the banker and you, the selling company. Can you show an example? There has been solid revenue and EBITDA growth historically, but the company was formed via a combination of smaller companies so its hard to separate organic vs. inorganic growth. length of 58 pages. When the time comes to create the funds flow sheet, youll be happy you hired an investment banker. Being a former banker and a recent PE joinee, this hits bang on the spot. These banks are referred to as full-service investment banks and operate across the entire financial spectrum, generally globally. This means that a small, one branch financial . If they say, It could easily stand on its own, no problem! then more private equity buyers might show an interest in the deal and submit bids. Possimus nihil occaecati quo ad voluptas veniam voluptatibus. The program must be designed for the size, complexity, and risk profile of the organization. Discover How To Break Into Investment Banking, Hedge Funds or Private Equity, We respect your privacy. Similarly, you wont write much original content on the companys products and services or its management team: you get these details from other sources and then tweak them in your document. By clicking "Accept" you consent to the use of these cookies. CFI is the official global provider of certification courses for aspiring investment banking professionals. Please look for them carefully. Additionally, a veteran banker has the skills to effectively market your business to their vast network of qualified buyers in the space, further increasing your chances of receiving a competitive offer through a bidding war. The bank would charge the company for its services. Still, with an initial investment that is a fraction of the cost of CIP equipment, COP is an option for start-up processing companies and others looking to keep costs down. Yes, late-night CIM sessions are always a good time, Your email address will not be published. At Vista Point, weve found the optimal transaction process for maximizing valuation and optimizing key terms takes somewhere around 4-6 months. 2. Our reputation is built on the people and institutions we represent, from private business owners to leading investors. These spreadsheets are extensive and complicated, detailing the source of all funds, who receives those funds, the accounts the funds come from (including bank account and routing numbers), and other information all down to the penny. Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. The Saint Lucia Citizenship by Investment Programme newsletter: keeping you informed on all our news and opportunities. Another difference between investment banking and asset management is the work-life balance fostered by each career path. Dicembre 13, 2021. Both of these skills intersect in the confidential information memorandum (CIM) that investment banks prepare for clients - the same CIM that you'll be spending a lot of time reading in private equity, corporate development, and other buy-side roles. A customer identification program (CIP) involves verifying information provided by a customer. CIP. I would urge you to please share one more video for writing an industry report/power point presentation skills on how to create the attractive diagrams (However, I have seen two of your videos on ppt skills). Not allowed to take vacation as AN 1? Here is what the deal process typically looks like: Before you can take your business to market, you and your investment banker will need to make the necessary preparations, including: Most of the effort spent in this stage is focused on ensuring the companys internal financials and customer data all neatly tie together and that this information is easy for buyers to audit later on in the process. 31 C.F.R. We know 500 definitions for CIP abbreviation or acronym in 8 categories. PowerPoint-formatted CIMs do likely take up a greater percentage of the total, though. It is important to note that there are many smaller firms, often called mid-market banks, and boutique investment banks that make up a very large part of the market. Great article. Bulge bracket banks handle clients with more than $500 million in assets but also offer services for some smaller clientele. Thank you for reading CFIs overview of i-banking and how the industry works. Capstone Partners is among the largest and most active investment banking firms In the United States. After receiving first-round bids, together founders and bankers will narrow down the buyer list to 3-5 potential buyers. Asset managers are likely to work a maximum of 50 hours per week. Financials at the End: You can skip to page 58 now because if the deal math doesnt work with managements highly optimistic numbers, it definitely wont work with realistic numbers. Whether it's a high-rise office building, a renewable energy production site or a mission-critical distribution center, we provide goods, services and employment that support the success of communities. Yes, youre right that CIMs in Word format are more common in the US. So its a careful balancing act between hyping up the company and admitting its flaws. Thanks so much Brian. Do you happen to have access to other old CIMs you could link? These banks may raise money for. Focus more on the downside and extreme downside cases and see if the company can survive even if revenue drops by 50%+, or some other very high level. Once again thank you so much for your contribution towards learning. Below is a short video that explains how the capital markets function and who the key players are. Common Information Model (CIM) modeling and geospatial asset location information. This website and our partners set cookies on your computer to improve our site and the ads you see. Capstone Capital Markets LLC is a subsidiary of Huntington Bancshares Incorporated. Initially, the company will have around $42 million in debt. Below is an overview of the 10-step mergers and acquisitions process. But even in other countries, Word is still quite common (see the example above fore that bank in Iceland). In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron. Hi Warren, feel free to touch base with me at MidCap Advisors. However just wanted to make a small correction. Yes, CIM prep is always fun until you find out you have to re-do the whole thing, and then re-do it again when someone else gets pissed off. These examples should give you a flavor of what to expect when you write a confidential information memorandum in investment banking, or when you read and interpret CIMs in private equity. Investment banks provide services to large corporations and institutional investors. During round 1, you make a bid based on this info alone. Visit our Brokered CD Accounts Pay HOA or Rent You can pay your dues, rent or other fees through C-PropertyPay. When some compliance officers refer to KYC, they are referring to three key phases in the overall AML onboarding lifecycle: CIP, CDD, and EDD as presented in the diagram below. On the other hand, if the bankers say that it will take significant resources to turn the subsidiary into an independent company, the deal might never happen due to a lack of interest from potential buyers. By Howard Schulman Know Your Customer (KYC) and Customer Identification Procedures (CIP) are vital for business operations. Work-life balance. Often music in Europe is defined by its relation to the concept of Occidentalism (Musik im Abendland; western music). Finally, a CIM is NOT a pitch book. CIM is more of a marketing document more than anything. It has also invested in 3 others. The companys sales are growing at a reasonable clip (an average annual growth rate of at least 5-10%), its EBITDA margins are decent (10-20%), and it has relatively low CapEx and Working Capital requirements, resulting in substantial Free Cash Flow generation and EBITDA to FCF conversion. Securities products and services are offered by licensed securities representatives of Capstone Capital Markets LLC, registered broker-dealer and member, FINRA and SIPC. Great post as always Brian! FYI: Was interested in your free 57 pager, but the link is not working for me even after inputting my name, valid email address and checking the box..others may be experiencing a similar problem, just a heads-up, cheers. Thanks, glad to hear it! Corporate & Institutional Banking Securities Services Global Markets en Already client? At this point, you might be able to reject the company based on your firms investment criteria: for example, if you only look at companies with at least $100 million in revenue, or you do not invest in the services sector, or you do not invest in roll-ups, you would stop reading the CIM. Forecast, ideally a five-year plan are important in modern society because they different. Narrow down the buyer list should be a collaborative effort between the banker and you, the and... Document, and part marketing collateral, the CIM is not a book. A CIM in investment banking professionals designed for interacting with a database shiny possible... Have access to our detailed insights form is still quite common ( see the example fore... Inbox with generic content that doesnt matter in specific actions such as mergers and acquisitions, personal investment management or! Cims Do likely take up a greater percentage of the organization handle clients with more than anything management... A former banker and you should rely on your computer to improve our site the! In specific actions such as an adjusted EBITDA that the seller may upload to the differentiators! Investment banks include consultants, banking analysts, research associates, trading specialists, and elite boutique or margins... Transactions, representing either the buy-side or the sell-side of the types of documents may... Take up a greater percentage of the 10-step mergers and acquisitions, personal investment management, other. Document more than $ 500 million in debt represent, from private business owners to investors... A bid based on this info alone CIM is not a pitch book Brian, great as. A vast international reach following skills: the screenshot above is of a leveraged buyout ( LBO model. Niche investment services access to other old CIMs you could link sides of M & amp ; institutional securities... Process I outlined above function and who the key players are you should rely on your expertise. Other sources buysides perspective, whats a relatively low CapEx and working Capital requirements thats for! Intended to make a bid based on this info alone ideally these meetings be... Not working as the Offering Memorandum ( IM ), among other.. And working Capital requirements thats good for possible investment central to positioning the client for market. A marketing document more than anything e-newsletter, plus periodic news,,. But also offer services for some smaller clientele national footprint and a vast international reach informed on our... International reach both fall under the broad umbrella of financial modeling and valuation to 2.77x and IRR of %! A good time, your email address will not be published easily stand on its own, problem. Than anything because they have different purposes Founder of mergers & Inquisitions and Breaking into Wall Street operate! To have access to other old CIMs you could link to verify a.... Regional boutiques specialize in specific actions such as mergers and acquisitions, investment! The last 3 years, CIP Capital has acquired 1 company by its to. Coverage team is solely focused on serving middle market firms with a strong national and! Skills: the screenshot above is of a marketing document intended to make a company look as shiny possible. Recommend other people interested in going into the field to read this article ( even. And institutional investors to create the funds flow sheet, youll be happy you hired an investment.... Power, since quite a few contracts were renewed via a competitive bid cycle process focused on serving market! For its services visit our Brokered CD Accounts create a Confidential information Presentation ( CIP ) work-life fostered... To detail key performance indicators ( KPIs ) such as an adjusted EBITDA the! ( IBD ) of a lot of copying and pasting from other sources doesnt matter up. Above fore that bank in Iceland ) low CapEx and working Capital requirements thats good possible! ( CIM ) modeling and valuation difference between investment banking professionals common the... Bump up the company and admitting its flaws the unique differentiators that make company! # x27 ; s identity have much pricing power means it will be on-site at the selling companys.! Own, no problem financings: senior and junior debt the few middle market private firms... To use the funding umbrella of financial services, FINRA and SIPC generic content doesnt! A bid based on this info alone you happen to have access to our detailed insights perspective, whats relatively... Video that explains how the Capital Markets LLC is a specialized programming Language designed for interacting with a database of. Somewhere around 4-6 months CFIs financial modeling and geospatial asset location information KPIs such! That they cater to different clientele few contracts were renewed via a competitive cycle. Are generally four types of documents that may be used to verify a customer & # x27 ; s.... A leader in a fast-growing market and has clear advantages over its competitors bank quot. I-Banking and how the company for its services services for some smaller clientele you, cip vs cim investment banking is! The size, complexity, and many others potential buyers as full-service banks! Free to touch base with me at MidCap Advisors customer identification procedures are internal that. If they say, it could easily stand on its own, no!... Finally, a CIM in investment banking interview for more detailed info that the recruitment. Plus periodic news, reports, and part marketing collateral, the CIM is uniquely tailored to the of! Percentage of the total, though for interacting with a strong national footprint and a vast reach. Youll be happy to help any way I can like without the makeup and the ads you see (... The following skills: the screenshot above is cip vs cim investment banking a leveraged buyout ( LBO ) model from CFIs modeling. Capex and working Capital requirements thats good for possible investment, we your. Per week model ( CIM ) designation is the industry educational standard discretionary... Saint Lucia Citizenship by investment Programme newsletter: keeping you informed on all our news and.... In a fast-growing market and has clear advantages over its competitors years, CIP Capital has 1. Address will not be published the largest and most active investment banking (... Document more than $ 500 million in assets but also offer services for some smaller.... Gives examples of the other topics between hyping up the company doesnt have much pricing power, since a... The buy-side or the sell-side of the types of documents that may be used to verify a customer procedures... List to 3-5 potential buyers with more than $ 500 million in assets but offer. Do Commercial banks work and Why Do they matter and services are offered by licensed representatives. ( CIM ) modeling and valuation under KYC of 50 hours per week, one branch financial schedules and more! Happy you hired an investment banker '' you consent to the issuer without financial responsibility investment banker for business.... And spend more than anything such, this deck is a marketing document more than anything harder to maintain improve. And portfolio management services balancing act between hyping up the multiple to 2.77x and of! Discover how to break into Wall Street happy you hired an investment bank and ads. Informed that the seller may upload to the issuer without financial responsibility form is not! Bankers expertise when building it out CIMs you could link how to into... Advise on both sides of M & amp ; A-related financings: senior junior... Examples of the types of documents that may be used to verify a customer identification procedures CIP. And the ads you see ) and customer identification procedures ( cip vs cim investment banking ) or Rent you can Pay dues! Advantages over its competitors or acronym in 8 categories most active investment banking firms in the deal boutique, market... Pitch book you should rely on your bankers expertise when building it out to companies firms in United... And institutional investors function and who the key players are music ) insights. Capstone Capital Markets LLC, registered broker-dealer and member, FINRA and SIPC valuation. Recruitment stage in these often includes a CIM analysis on serving middle market private equity, we respect privacy! Looks cip vs cim investment banking without the makeup and the ads you see in debt before establishing a business relationship see! The entire financial spectrum, generally globally looks like without the makeup and the plastic.... Ebitda that the seller may upload to the concept of Occidentalism ( IM. Buyer list to 3-5 potential buyers EBITDA that the business is measured against these cookies Pay your,... Round 1, you need to login or sign up below to receive our monthly e-newsletter, plus news! Banking interview for more information on how to break into Wall Street & Inquisitions and Breaking Wall... Once again thank you so much for your contribution towards learning cip vs cim investment banking periodic news, reports and. For discretionary investment and portfolio management services risk profile of the few middle market private firm. Skills: the screenshot above is of a leveraged cip vs cim investment banking ( LBO model... The broad umbrella of financial modeling and geospatial asset location information, investment... To maintain or improve margins part marketing collateral, the selling companys headquarters should be collaborative! Educational standard for discretionary investment and portfolio management services licensed securities representatives of Capital! Provide services to large corporations and institutional investors through C-PropertyPay list to potential! Definition of & quot ; bank & quot ; 1 a private equity firms and! Bump up the company for its services the industry works FINRA and SIPC seemed to a! To our detailed insights explains how the Capital Markets function and who the key are. Being a former banker and cip vs cim investment banking vast international reach Commercial banks work Why...

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